1. Daily: Data Collection
Just before leaving for the day, employees log into Titan Armor and record time spent on R&D activities. 60 seconds a day is all it takes. What if they’re not sure if a project qualifies for the credit? No worries! That’s what your CPA is for!
2.Quarterly: Defend your project.
Why does the project qualify as R&D? Your Project Manager applies the 4-Part Test to the activities and makes sure best practices are being followed in data collection. As IRS rules and interpretation change, Titan continuously updates the software. We’ll show you how to present your projects in a systematic, understandable format. Then your CPA will review your inputs and make the final determination of qualifiable R&D time.
3.Annually: Your CPA Calculates Your Credit
At tax time your CPA applies salary information to employee hours and adds in supplies and contractor fees to determine your total R&D expenditures for the year. He or she uses that number as the basis for your R&D Credit on your tax return.
4.If Necessary: Bullet-Proof Audit Defense
Titan is in the trenches with the auditors. Since 2008, we’ve been providing, NO-COST audit support to any taxpayer who’s struggling in an audit. We leverage this expertise back to our CPA partners keeping them and you current with regulatory expectations.